Source - RNS
RNS Number : 3169I
W Resources PLC
16 June 2017
 

 

 

 

 

 

 

 

 

 

16 June 2017

 

 

W Resources Plc

("W" or the "Company")

 

 

Placing to Directors to Raise an additional £100,000

 

W Resources Plc (AIM:WRES), the tungsten, copper and gold, production, exploration and development company with assets in Spain and Portugal, has completed a placement of 35,714,284 ordinary shares of 0.1p per share ("Ordinary Shares") at 0.28p per Ordinary Share to raise £100,000 (the "Placing"), to two of the Company's Directors, Mr Michael Masterman and Dr Byron Pirola  on the same terms as the placing announced on Tuesday 14 June 2017.

The placees comprise Symmall Pty Limited as trustee of the Masterman Superannuation Fund of which Mr. Michael Masterman (a director of the Company) is both a beneficiary and trustee, which has subscribed for 17,857,142 Ordinary Shares amounting to £50,000 and Beronia Investments Pty Ltd ATF Duke Trust of which Dr. Byron Pirola (a director of the Company) is both a beneficiary and trustee, which has subscribed for 17,857,142 Ordinary Shares amounting to £50,000

In addition, the Company's Directors, Mr Michael Masterman and Dr Byron Pirola have been offered warrants to subscribe for new ordinary shares ("Warrants") in conjunction with the Placing Shares on a 1:1 basis. The Warrants are exerciseable at any time in the two years following admission of the Placing Shares to trading on AIM at an exercise price of 0.42p per share.

Related Party Transaction

The participation in the Placing of Mr. Masterman and Dr. Pirola falls to be treated as a related party transaction under Rule 13 of the AIM Rules for Companies. The independent director, Mr. David Garland, considers, having consulted with the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned..

Following the issue of the new Ordinary Shares:

-     Mr. Michael Masterman (and related parties) will be interested in 1,054,398,982 Ordinary Shares in the Company, representing an interest of 21.77 per cent in the total voting rights of the Company; and

-     Dr. Byron Pirola (and related parties) will be interested in 296,638,318 Ordinary Shares in the Company, representing an interest of 6.13 per cent in the total voting rights of the Company.

Application has been made for the new Ordinary Shares being issued in connection with the Placing to be admitted to trading on AIM which is expected to occur on or around 22 June 2017.

Following admission of the new Ordinary Shares, the Company's enlarged issued share capital will comprise 4,842,638,828 Ordinary Shares with voting rights. The Company has no shares held in Treasury. This figure of 4,842,638,828 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

Enquiries:

W Resources Plc

Michael Masterman

T: +44 (0) 20 7193 7463

www.wresources.co.uk

Grant Thornton UK LLP

Colin Aaronson / Harrison Clarke

T: +44 (0) 20 7383 5100

SI Capital - Joint Broker

Andy Thacker / Nick Emerson

T: +44 (0) 1483 413500

www.sicapital.co.uk

Gable Communications

Justine James

T: +44 (0) 20 7193 7463

M: +44 (0) 7525 324431

Turner Pope Investments (TPI) Ltd - Joint Broker

Ben Turner / James Pope

T: +44 (0) 203 621 4120

www.turnerpope.com

 

 

 

 

About W

In 2012, W Resources Plc (AIM:WRES) made the successful transition into a tungsten production exploration and development company with projects in Spain and Portugal, following two acquisitions. Projects now include La Parrilla, a tungsten project in Spain and Régua and Tarouca Tungsten projects and the Portalegre copper-gold project in Portugal.

The Company's deposits and tungsten mine developments offer a low cost, high margin resource development opportunity due to a strong market following for Tungsten, increased trading and a forecast shortage of supply. The price of tungsten has more than doubled in past three years and is in the top 5 critical metals list.

The Board is focused to explore further opportunities in the region with a view to building a mid-tier minor metal producer.

The Company was incorporated in England and Wales in 2004.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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